Along with an intense seller's market, buyers will have to contend with rising interest rates for 2022.
According to bankrate.com current interest rates on a 30-year fixed mortgage are exceeding 4.67% apr. Due to the pandemic and other world issues, many believed the sub-three percent rates of 2020 - 2021were the norm. They were not!
It seems like just yesterday I was offering 30-year mortgages at 5%. Yes, this was in 2008 when I was working as a loan officer (and they stared trending lower) but the market was intense. We didn't have the same inventory problem, but the frenzy was there. Can you say bubble?
How about the early 80's? Some of us can remember when a 30-year fixed was over 10%. Others may even remember 15% - 16%!
Over the last several years SPREC has touted that NOW is the time to buy. It still is! And if you are a seller, you can continue to take advantage of low rates by keeping a wide range of buyers focused on the best bang for their buck. What movie gave us the line, "Study long, study wrong!"?
Contact SPREC today and let us help you with your real estate needs!
- James K.